Leerink Starts X4 Pharmaceuticals (XFOR) at Outperform

Leerink initiates coverage on X4 Pharmaceuticals (NASDAQ: XFOR) with a Outperform rating and a price target of $12.00.

The analyst comments "We are initiating coverage of X4 Pharmaceuticals (XFOR) with an Outperform rating and $12 price target, based on our positive view that lead program mavorixafor can evolve into an important rare hematology asset with blockbuster commercial potential in chronic neutropenia (CN). XFOR is a hematology-focused company anchored by mavorixafor – an oral CXCR4 antagonist already approved in the U.S. and Europe as Xolremdi for ultra-rare disease WHIM syndrome, providing important validation of the drug’s mechanism, safety profile, and regulatory path. However, we see the primary value driver as the opportunity in CN, a substantially larger and underpenetrated market where patients continue to face recurrent infections, hospitalizations, and meaningful treatment burden despite the availability of injectable G-CSF. While G-CSF can be effective, chronic use is limited by bone pain, adherence challenges, injection burden, and long-term safety concerns, particularly among patients requiring frequent or high-dose therapy. Mavorixafor’s oncedaily oral profile, validated ability to mobilize neutrophils, and potential to either reduce or replace G-CSF use position it as a differentiated therapy that aligns closely with key physician/ patient unmet needs. We believe positive Phase 3 4WARD data expected in 2H27 could unlock a significant re-rating for XFOR by establishing mavorixafor as the first broadly used oral therapy for CN patients, with potential blockbuster revenue opportunity in a market significantly larger than WHIM. Overall, we view the combination of mavorixafor’s clinical proof-ofconcept in CN, strong biologic rationale, significant unmet need, G-CSF-sparing potential, new experienced leadership team, and funding through key milestones as supporting a favorable setup with substantial upside potential for XFOR shares."

For an analyst ratings summary and ratings history on X4 Pharmaceuticals click here. For more ratings news on X4 Pharmaceuticals click here.

Shares of X4 Pharmaceuticals closed at $4.11 yesterday.

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